进入2025年下半年,港股市场上涨行情延续。恒生指数今年累涨近30%,市场驱动力正从流动性驱动的普涨,向基本面驱动的结构性分化演变。其中,创新药板块表现更为强势,恒生沪深港通生物科技50指数(HSSCB50)自年内低点累计涨幅已超40%,以其日渐清晰的商业化路径和持续的BD交易,成为本轮行情中表现最为突出的主线之一。一个同样值得注意的现象是,作为创新药研发“卖水人”的CRO板块,虽涨势凌厉(如...
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